As the end of the year 2012 approached‚ the passing of the Sin Tax Bill grew into being the “talk of the town” – or perhaps‚ of the entire country. On the 20th of December of the same year‚ President Noynoy Aquino finally signed Republic Act No. 10351‚ better known as the Sin Tax Reform Act of 2012 which was implemented on January of the year 2013.The sin tax law is expected to raise 30 billion pesos ($750 million) which will be used for the health care services for over 5 million poor families just
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288A) 3‚25‚000/- Deduction under Chapter VIA (W.N.3) Computation of Tax Payable by Mrs Rani for the Assessment Year 2013-14 PARTICULAR Tax at Normal Rate (W.N. 4) Tax at Special Rate (W.N. 4) AMOUNT 11500/3000/- Total tax 14‚500/- Add: Education Cess 2% Add: SHEC 1% 290/145/- Tax including Cess Relief 14‚935/0/- Tax Payable TDS/TCS/ Advance Tax 14‚935/3‚000/Self Assessment Tax u/s 140A 11‚935/- TAXABLE INCOME(Round off U/s 288A) 11‚940/- W.N
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Definition of Tax ; The word ‘tax’ has been derived from the French word ‘taxe’ and the Latin word ‘taxare’ which means ‘to charge’. Tax is a contribution exacted by the state. It is a non-penal but compulsory and unrequited transfer of resources from the private to the public sector‚ levied on the basis of predetermined criteria. According to P. E. Taylor‚ “ Taxes are compulsory payment to government without expectation of direct return in benefit to the taxpayer. According to
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Presidential candidate Barack Obama addressed the nation concerning racial divide‚ creating unity between all people‚ and the effect it has on the upcoming presidential election. He brought attention to accusations made regarding Reverend Jeremiah Wright‚ Obama’s pastor from his church in Chicago‚ Illinois. In his speech‚ he focuses on the idea that we as society can not dwell on how others feel because of their upbringing‚ and reminds us to worry about the more current and relevant issues. Obama uses several
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Tax avoidance is the legal usage of the tax regime to one’s own advantage‚ to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar‚ and tax havens are jurisdictions which facilitate reduced taxes. The term tax mitigation is sometimes used; its original use was by tax advisers as an alternative to the pejorative term tax evasion. "Tax aggressive" strategies fall into the grey area between commonplace and well-accepted tax avoidance (such as purchasing
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Senator Barack Obama’s victory in the presidential election was celebrated in his hometown of Chicago‚ Illinois. He gave this speech in an open park‚ with hundreds-of-thousands of his supporters. Obama starts his speech by telling everyone that anything is possible in America. Next‚ he congratulates senator McCain on his campaign. Then‚ he starts thanking his supporters and he then talks about the change he hopes to make as president. After thanking everyone‚ he then goes to talk about problems that
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History Income tax levels in India were very high during 1950-1980‚ in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.5%. But to reduce tax evasion tax rates were reduced later on‚ by "1992-93" maximum tax rates were reduced to 40%. [2][3] [edit]Residential status‚ Scope of taxable income & Charge [edit]Charge to Income-tax Whose income exceeds the maximum amount‚ which is not chargeable to the income tax‚ is an assesse
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plans to take action. The Affordable Care Act imposed during the presidential‚ second term of Barack Obama‚ insured the health of U.S. citizens. This act lowered the uninsured rate to where the no other president had ever accomplished. "Now about twenty million additional adults have knowledge of the financial security of a health insurance‚ and 3 million more teenagers and children have coverage"(Obama). Even though the Obamacare health act has
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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
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Take responsibility We all have a responsibility‚ right? Well‚ the answer must be yes – at least recording to Barack Obama. The President of the United States of America‚ Barack Obama held this speech: Back to School on the 8th of September in 2009 at Wakerfield High School in Arlingtin‚ Virginia in context of the first day of school. He held this speech in order to discuss the importance and expectations of an education with the clear message of the responsibility you have to yourself followed
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